Co-founder of defunct hedge fund Diamondback launches new firm

Reuters – Richard Schimel will launch a new hedge fund later this year, less than 12 months after closing Diamondback Capital in the wake of an insider-trading investigation by the U.S. government.

“The investment model at Sterling Ridge will focus on a single integrated portfolio that I will manage, similar to what I did in the main portfolio at Diamondback,” Schimel wrote in a letter to potential investors on Tuesday, a copy of which was obtained by Reuters.